Why does .Paragraphs.Count return 1 for a Title Placeholder that has more than one paragraph?

I'm using VBA in PowerPoint to format the Title placeholders within a presentation.

I want to treat the first and second paragraphs within the placeholder differently.

But, when I use this construct, I only ever see a paragraph count of 1, even though there are multiple paragraphs (each separated by a carriage return) in my title placeholder:

Dim oSld as Slide
Dim iPara as Integer

For Each oSld In ActivePresentation.Slides
  If oSld.Shapes.HasTitle Then
    With oSld.Shapes.Title.TextFrame2.TextRange
      For iPara = 1 To .Paragraphs.count

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Example title placeholder text:

This is paragraph 1
This is paragraph 2

If I copy the text from the placeholder to a standard text box, .Paragraphs.Count returns the correct number of paragraphs.

Why is the OM not returning the right number of paragraphs for a Title Placeholder?

.Lines.Count appears to work but that may not always yield paragraphs e.g. if the font size causes overflow.